UK, US Officials Split On Libor Transition

Law360, New York (May 13, 2013, 5:44 PM EDT) -- The U.K. official charged with overhauling Libor reportedly said the existing process for setting the benchmark rate must be preserved even as the global financial system moves to a transaction-based system, putting him at odds with his U.S. counterpart.

U.K. Financial Conduct Authority Chief Executive Martin Wheatley said that such a “dual track” process could begin as early as next year, with the existing benchmark-rate setting process based on banks' borrowing cost estimates kept in place to preserve an estimated $350 trillion in global financial transactions...
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